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Prepare pharoah december two adjusting entries

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Reference no: EM132580005

Pharoah Ltd., a public company following IFRS 16, recorded a right-of-use asset and lease liability at $180,000 on May 1, 2020. The interest rate is 11%. Pharoah made the first lease payment of $31,512 on May 1, 2020. The lease requires a total of 8 annual payments. The equipment has a useful life of 8 years with no residual value.

Question 1: Prepare Pharoah's December 31, 2020 two adjusting entries as follows :

  1. To record interest at Dec 31,2020
  2. To record depreciation expense at Dec 31,2020

Reference no: EM132580005

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